途虎-W2025年度报告

25716424666939899100102104107196197 20251092025109 20251092025109 20256292025629 97927 20256292025629 1526 18127 20256292025629 20256292025629 PO Box 309, Ugland HouseGrand Cayman KY1-1104Cayman Islands 183171712-1716 ir@tuhu.cn 1999248 www.tuhu.cn 18346 9690 Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket Square, Grand Cayman, KY1-1102Cayman Islands AB 14,368,284A67,918,860B48.2% BABA67,918,860AA8.2% 8A.22BB (i)8A.17(a)(b)(c)(d) (ii)8A.18BB(iii)B8A.18(2)(iv)BA (1)EBITDA (1) (2) 2025(GDP)(YoY)5%(CIC)20254.7%4S 2025 2025165202414811.5%405.9% 20250.92025(R&D)0.10.120253621.8%20240.920257202412.2%83 202512162.323.5202517.7%28.4202520251210% 20252.765.0%1 (CATARC)2424 20252025SKU1,15033083,0002025App(MAU)15.5%13.8202596%2025100% 2025202512318,0081,1341753,5007,8332 323241,953275%60%40% 202510 2025 2.85 202536%20251290%6202544% 9 1830%5 202518.2% 20040%45% 202530%23% SKU012025450%5.27.11002026 20256,70060%1240% 2025100% 202542760%15% SKU40%70% 142025500 2025 20253,000SKU20%662025(RDC)SKU22%3.4%53.2(FDC) 20251231738268 6%20%20253.882.8% 202580%1.780% 2025AI 20251210%17%AIAIAI90%AI 4.230%50%100% 1506 120300,0006,00070%700,00010% 2026320 202512 31202412 31 202512311652024123114811.5% (i)(ii) 202413811.5%2025154(i)202411612.0%2025129(ii)2024840.912.8%2025948.9(iii)20241,408.16.3%20251,496.6 2024957.012.4%20251,075.8(i)(ii) 202512311252024123111013.5% 202410614.1%2025121 20251231402024123137 2024123125.4%2025123124.1%(i)(ii) 20251231118.52024123162.091.0%2025 20241231576.618.1%20251231681.2(i)(ii) 20241231639.819.4%20251231763.7(i)AI(ii)(iii)AI 20241231195.7%2025123120(i)(ii) 20241231354.912.7%20251231400.0(i)(ii) 20251231175.920241231183.44.1% 20251231419.42024482.0 12318620247612.5% (i)(ii) 202412317212.1%202580(i)202412316013.2%202567(ii)20241231461.110.2%2025508.1(iii)20241231734.92025767.0 20241231474.118.4%2025561.3(i)(ii) 202512316620245715.1% 202412315516.0%202564(i)(ii) 2025123120202419 2024123124.9%2025123123.1%(i)(ii) 2025123128.8202441.029.7%2024 20241231293.526.6%20251231371.5(i)(ii) 20241231337.724.4%20251231420.1(i)(ii)(iii) 2024123120251231102025 20241231168.821.9%20251231205.7(i)(ii) 2025123188.82024123193.0 20251231112.92024197.7 EBITDAEBITDA EBITDA EBITDAEBITDA (i)(ii)(iii)(iv) 20251231362.520241231226.160.3%(i)(ii)(iii)2024520257 (i)(ii)(iii) 20251231371.220241231462.119.7%2025 202512315120241231493.6% 2025123151202412314513.7%20241322025134 202512311720241231162.1%(i)20252024(ii) (1)(2)(3)(4)EBITDAEBITDA(5) 20251231202412317510.2%2025123183 20251231995.9422.5(i)280.7175.4123.9(ii)609.6214.1141.5137.3 20251231301.578501.7174.180242.1 20251231727.7575.3132.8 20251231 20251231246.520241231321.723.4% 202512319.42024123167.986.1% 20251231 20251231 20251231D24202512315% 20251231 (i) (ii)OEM (iii) (iv) (v)OEM 3,000 202512314,657202412314,49120251231202024123117 20251231 4420197 201062011920099201052008520095IT20063200712200522006120037200512014 20037 54201910 200920112008200920062007200162006620002001 1993719999 44201910 20228388820191031420116201010201162005220088 200272005620107 5920239 2057ZTO2018120185202410WRD2017311NeogloryHoldings Group Co.Ltd.20145201619988BABA2009920104Home Inns & Hotel Management Inc.HMIN20164201042014419988200981992219987Home Inns & Hotel Management Inc. 1991819942012 4120256 20(TMT)2006720107(FMP)20108201920202 2006720183 4420239 20201Agora,Inc.API20235241620216ATRenew Inc.RERE20182202012014102018220092014Agora, Inc. 2003720051220103 13.51(2)2025123110 432019920243 201572019936902014112015620117201482010720117 200572008 422021720227 2021720227201820212015201820142015Merrill Lynch (Asia Pacific) Ltd.20082014202582487 200810 20211220201912202112183320177201912078020169201762015620169 20126201312 202510920 20251231 C120251231C.2.1 C3 20251231 20251231 20251231 3.13 C.2.1 C.1.4 202562920256273.09D 20251231 (1) 20256292025629 (1) 20251231C.1.4 C.5.1 14 20251231 (1)1/13/3(2)20256 6 C.2.7202512311 3.21 3.10(2)3.21 202512312 (i)20241231 (ii)2025(iii)(iv)(v)(vi)20251231(vii)20251231(viii) 20251231 2/220256291/2(1)2/220256291/2(1) (1)202520256291/11/1 3.25E.1.2(c) 12311 (i) E.1.520251231 010,000,000210,000,00120,000,000120,000,0001 2025123110 20251231 8A.27 12311 (i)(ii)(iii)(iv)(v)20251231 1/120256290/1(1)1/120256291/1(1) (1)202520256291/1 (i) (ii) (iii) (iv) (i)(ii)(iii)(iv)18 20251231(i)75%25%(ii)64.1%35.9%20251231 8A.30A.2.1 20251231 (i) (ii)8A.178A.148A.15 8A.188A.24 (iii)(iv)(v)(vi)8A.35(vii) (i)(ii)(iii) 20251231 20256292025629 (1)202520256291/1 20251231 20251231 (i)20251231(ii)20251231 (i)(ii) 20251231 211410% (i) (ii)212121 (iii) (i)(www.hkexnews.hk)(www.tuhu.cn) (ii) (iii) ir@tuhu.cn) 20251231 2.07A (www.tuhu.cn)(www.hkexnews.hk) 20.7 (www.tuhu.cn) 20251231 2026320(i)C1(ii) (www.hkexnews.hk)(www.tuhu.cn) 10%50% 20251231202512